To protect Social Security benefits and military pay and
require that the United States Government prioritize all obligations on the
debt held by the public in the event that the debt limit is
reached.

1.

Short
title

This title may be cited
as the Ensuring the Full Faith and
Credit of the United States and Protecting America's Soldiers and Seniors
Act.

2.

Prioritize
obligations on the debt held by the public, Social Security benefits, and
military pay

In the event that
the debt of the United States Government reaches the statutory limit as defined
in section 3101 of title 31, United States Code, the following shall take equal
priority over all other obligations incurred by the Government of the United
States:

The authority of
the Commissioner of Social Security to pay monthly old-age, survivors’ and
disability insurance benefits under title II of the Social Security Act.

(3)

The payment of
pay and allowances for members of the Armed Forces on active duty.

3.

Limited debt
limit authority

(a)

In
general

If the Secretary of the Treasury determines, after
consultation with the Director of the Office of Management and Budget, that
incoming revenue will not be sufficient to finance the priorities listed in
section 2 over the following 2 weeks, the Secretary, in coordination with the
Director of the Office of Management and Budget, shall—

(1)

notify Congress
of the expected revenue shortfall; and

(2)

raise the debt
limit by the amount necessary to cover the difference between incoming revenue
and the revenue needed to finance the priorities listed in section 2 on a
2-week basis.

(b)

Limit

The
debt limit increase provided by subsection (a)(2) may not exceed the difference
between expected outlays for the listed priorities and expected revenue.

(c)

Excess
revenue

If incoming revenue exceeds the amount projected by the
Secretary of the Treasury, in consultation with the Director of the Office of
Management and Budget, needed to finance the priorities listed in section 2
over the 2-week period, any amount in excess shall be held in reserve and
applied to the following 2-week period.